Portland Company Complex sale could transform waterfront

The sale of the Portland Company Complex opens the door for the former owner, Phineas Sprague, to move ahead with plans to develop a new boatyard just west of the Casco Bay Bridge.

A group led by developer Jim Brady and Dick Prentice, of Pierce Atwood, have purchased the complex for an undisclosed price.

While there are currently no plans to redevelop the Portland Company Complex site, Sprague said part of the sale agreement ensures events such as the Maine Boatbuilders Show and the Portland Flower Show will continue.

"We have an agreement with the buyers that they continue for a number of years, and at the end of that period, will have to prove that's the best way to use the buildings or something else," said Sprague.

Work has already started on the 14 acres of land along Commercial Street, which Sprague will develop into a state-of-the-art boatyard.

He said the new boatyard will become the home port for a number of tall sailing ships and will be able to accommodate much larger vessels than his current yard can.

"It's a harbor. We need to have a place you can haul the larger vessels that are working in the harbor and working around," said Sprague.

Selling the Portland Company Complex did not happen without some mixed emotions. Sprague's family bought the property in the 1930s.

"This is my family's heritage, so I had to pick really carefully somebody that I trusted to carry it forward," said Sprague.

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